Greetings to all aspiring homeowners who are searching for a reliable and trusted partner in achieving their dream of owning a house. For many people, buying a home is a once-in-a-lifetime opportunity that requires careful planning, research, and financial support. That’s where LIC Home Loan comes in – a leading provider of home loans that can help make your dream a reality.
Introduction
Buying a home is a major investment decision that requires significant financial resources. Fortunately, LIC Home Loans can help to make your dream of owning a home a reality. As a subsidiary of Life Insurance Corporation of India (LIC), LIC Home Loans is a trusted name in the Indian financial market with over 30 years of experience in providing home loans to customers across the country.
Whether you’re a first-time buyer or looking to upgrade your existing home, LIC Home Loans has a range of financial products to suit your needs. From flexible repayment options to competitive interest rates, LIC Home Loans is committed to providing you with the best financial support and guidance throughout your home buying journey.
In this article, we will explore everything you need to know about LIC Home Loans, including its features, benefits, and eligibility criteria. We will also provide you with FAQs to help you make an informed decision about your home loan.
What is LIC Home Loan?
LIC Home Loan is a subsidiary of Life Insurance Corporation of India (LIC), which is a leading insurance provider in India with over 250 million policyholders. The company was established in 1989 with the aim of providing affordable and accessible home loans to people of all income levels.
Today, LIC Home Loans is a trusted name in the Indian financial market with a network of over 200 branches across the country. The company offers a range of home loan products to suit the varying needs and budgets of customers, including:
| Product | Eligibility Criteria | Loan Amount | Interest Rate |
| Home Loan | |||
| For Salaried | Age: 21-60 years Income: Minimum Rs. 15,000 p.m. |
Up to 85% of property value | Starting from 6.90% |
| For Self Employed | Age: 21-65 years Business existence: Minimum 3 years |
Up to 70% of property value | Starting from 6.90% |
| Pradhan Mantri Awas Yojana (PMAY)-CLSS | |||
| For EWS/LIG | Household income: Maximum Rs. 6 lakh p.a. | Maximum Rs. 25 lakh | Starting from 6.70% |
| For MIG I | Household income: Rs. 6-12 lakh p.a. | Maximum Rs. 35 lakh | Starting from 6.70% |
| For MIG II | Household income: Rs. 12-18 lakh p.a. | Maximum Rs. 45 lakh | Starting from 6.70% |
Features and Benefits of LIC Home Loan
1. Flexible Repayment Options
LIC Home Loans offers flexible repayment options to help you manage your finances effectively. You can choose from monthly, quarterly, or bi-annual instalments, depending on your convenience.
2. Competitive Interest Rates
LIC Home Loans offers competitive interest rates starting from 6.70% for PMAY-CLSS loans and 6.90% for regular home loans. The interest rates are subject to change based on market conditions.
3. Customised Loan Amount
LIC Home Loans offers customised loan amounts based on your income, repayment capacity, and the value of the property. You can avail of up to 85% of the property value for regular home loans and up to 90% for PMAY-CLSS loans.
4. Simplified Documentation
LIC Home Loans has a simple and hassle-free documentation process. You can apply for a loan online or visit any of the company’s branches to complete the application process.
5. Loan Transfer Facility
LIC Home Loans offers a loan transfer facility that allows you to transfer your existing home loan to LIC Home Loans at a lower interest rate.
6. Insurance Cover
LIC Home Loans offers insurance cover to ensure that your family’s financial needs are taken care of in case of any unfortunate event.
Eligibility Criteria for LIC Home Loan
To avail of a home loan from LIC Home Loans, you need to meet the following eligibility criteria:
1. Age Criteria
The minimum age to apply for a home loan from LIC Home Loans is 21 years, and the maximum age at the time of loan maturity should not exceed 60 years for salaried individuals and 65 years for self-employed individuals.
2. Income Criteria
The minimum income required to apply for a home loan from LIC Home Loans is Rs. 15,000 per month for salaried individuals and a minimum of Rs. 2 lakh per annum for self-employed individuals.
3. Employment Status
The applicant should be employed in a reputed organisation or should have a business that has been in existence for a minimum of 3 years.
4. CIBIL Score
The applicant should have a good credit score and a clean credit history to be eligible for a home loan from LIC Home Loans.
5. Property Documents
The property should be in the applicant’s name or co-owned with family members. The property documents should be clear and free from any legal disputes.
FAQs
1. What is the maximum loan amount that I can avail of from LIC Home Loans?
The maximum loan amount that you can avail of from LIC Home Loans depends on your income, repayment capacity, and the value of the property. For regular home loans, you can avail of up to 85% of the property value, and for PMAY-CLSS loans, you can avail of up to 90% of the property value, subject to a maximum of Rs. 45 lakh.
2. How do I apply for a home loan from LIC Home Loans?
You can apply for a home loan from LIC Home Loans online by visiting the company’s website or by visiting any of its branches across the country. You will need to provide basic details about yourself, your income, and the property you wish to purchase. The company will then evaluate your application and provide you with a loan offer based on your eligibility.
3. Can I transfer my existing home loan to LIC Home Loans?
Yes, you can transfer your existing home loan to LIC Home Loans using its loan transfer facility. This facility allows you to transfer your outstanding loan amount to LIC Home Loans at a lower interest rate, thereby reducing your EMIs.
4. Does LIC Home Loans offer any insurance cover with its home loans?
Yes, LIC Home Loans offers insurance cover to ensure that your family’s financial needs are taken care of in case of any unfortunate event. The insurance cover is optional, and you can choose to opt-out if you wish.
5. What is the interest rate offered by LIC Home Loans?
LIC Home Loans offers competitive interest rates starting from 6.70% for PMAY-CLSS loans and 6.90% for regular home loans. The interest rates are subject to change based on market conditions.
6. How do I know if I am eligible for a home loan from LIC Home Loans?
You can check your eligibility for a home loan from LIC Home Loans by visiting the company’s website or by visiting any of its branches. You will need to provide basic details about yourself, your income, and the property you wish to purchase. The company will then evaluate your application and provide you with a loan offer based on your eligibility.
7. What is the repayment tenure offered by LIC Home Loans?
LIC Home Loans offers flexible repayment options ranging from 3 years to 30 years, depending on your convenience and repayment capacity.
8. Can non-resident Indians (NRIs) apply for a home loan from LIC Home Loans?
Yes, NRIs are eligible to apply for a home loan from LIC Home Loans. However, they need to meet certain eligibility criteria, including having a valid Indian passport, a good credit score, and a clean credit history.
9. Does LIC Home Loans charge any processing fee for its home loans?
Yes, LIC Home Loans charges a processing fee of up to 0.50% of the loan amount, subject to a maximum of Rs. 10,000, for its home loans.
10. How long does it take for LIC Home Loans to disburse the loan amount?
LIC Home Loans typically disburses the loan amount within 15-30 days of receiving all the necessary documents and completing the verification process.
11. Can I prepay my home loan from LIC Home Loans?
Yes, you can prepay your home loan from LIC Home Loans without any prepayment charges.
12. How is the EMI calculated for a home loan from LIC Home Loans?
The EMI for a home loan from LIC Home Loans is calculated based on the loan amount, the interest rate, and the repayment tenure. You can use LIC Home Loans’ EMI calculator to estimate your monthly EMI.
13. What documents do I need to provide to apply for a home loan from LIC Home Loans?
You will need to provide a copy of your identity proof, address proof, income proof, bank statements, and property documents to apply for a home loan from LIC Home Loans.
Conclusion
LIC Home Loans is a reliable and trusted partner for anyone who dreams of owning a home. With its range of home loan products, flexible repayment options, competitive interest rates, and simplified documentation process, LIC Home Loans makes it easy for you to achieve your dream of owning a house.
So, what are you waiting for? Apply for a home loan from LIC Home Loans today and take the first step towards your dream home.
Closing Disclaimer:
Disclaimer: This article is for informational purposes only, and the information provided should not be construed as financial advice. Loan terms and conditions are subject to change without notice, and the interest rates and loan amount may vary based on the applicant’s eligibility and market conditions. We recommend that you consult a financial advisor before making any financial decisions.